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UK-LOTTO Headquarters:
United Kingdom
Customer Service
Ref: UK/00002/YH/68
Batch #: 032/11/369
... |
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Hi,
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gina1023ca | I have a mortgage of 150 thousand should I pay if off? |
Additional Details
I'm leaving the Army in 6 mos and I will be a nurse in CA. I've had the loan for 14 years at 6% I have about 170,000 in the bank
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heybulldog
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Pay off the house. Once you pay it off its yours. You'll save more money on the interest than you are on the tax deduction. Now you can take what was the house payment and invest everymonth. Keep 10 or 15k in a money market account for easy access in case of an emergency.
Debt free is the way to be. |
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MVD34
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You really haven't offered a financial planner enough information to answer this question properly:
(1) Where is the money coming from? When are you getting it?
(2) What is your income?
(3) Other debt? If yes, how much and interest rate?
(4) What is the interest rate on your mortgage? How old is the mortgage? What is your equity in the house (conservatively)?
(5) How much do you have saved for retirement? For emergencies?
(6) What are you average monthly bills (excluding debt in 3 above)? |
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Steveo
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Let's put it this way. If you can find an investment that will pay off in the long run, then that is where the money should go. If you check the charts, the stock market has gone up (mostly with some dips) since 1929. If you had invested $100 a month from the age of 23 to the age of 65 in most of the mutual funds out there, then you would be worth over $1,000,000 at the age of 65. I wouldn't put the whole 150 K into one investment, but I wouldn't be putting it into the mortgage either (of course you might want to pay it down some). |
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ju_ju_bees
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Depends on your REAL interest rate and what you can get by investing. Also. one reason amy people (with real money) keep a mortgage is to protect against law suits, since, in the event of a judgment, the mortgage has to be paid off before the property title is clear. |
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Benson
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Probably not. Stock index funds usually give a higher return so are a better investment than a house.
But if you've maxed out your Roth IRA and have other sensible investments such as a savings accont, college savings for any kids, etc., then sure, pay your house off ASAP. |
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economicprof
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You would lose the home tax deduction if you pay off the lone, but by paying off the loan you would not have to pay taxes on the interest earned from the $150,000.
It is a very bad idea to keep $170,000 in the bank. If you don't pay off the loan you should put the money in treasury bills or, if you are willing to take the risk, in low fee stock index funds. |
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rusty
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No,first on your list is talk to tax representative about sheltering or divesting . There are mutuals (have to LOOK) that yield 10% or more, invest in your future. Keep the deduction your home gives you. |
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jgilbertdo
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uhmmm yea . why not and you can put money away for retirement |
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Michael
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Probably not, depending on your interest rate you can get a better return and you won't lose the tax deduction.
I want to add to the people who say it's only the tax deduction, you have to consider the opportunity cost of they money as well, it's NOT just the tax deduction.
It's Tax deduction + investment income on $150,000. |
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hottotrot1_usa
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No, the interest is tax deductible. Don't pay it off unless you have some really great investment that is going to pay you an after tax rate of return higher than the rate of the mortage times (1 plus the tax percentage.) |
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edco
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If you have the money, ABSOLUTELY.
To folks that say, "you'll lose the deduction", the VALUE of each dollar of interest paid is worth about 25 cents as a deduction, so 75 cents gets you NOTHING.
I paid off my mortgage and I sleep good at night not worrying if my job changes or how I will make it to retirement.
So, I may be in the minority, but Susan Orman and me agree on at least one thing. Pay debts off as soons as possible.
Good Luck and HNY |
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~*blu*~
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uh duh pay it off before you credit goes down!! |
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